Handelsbanken Fonder AB Sells 37,593 Shares of Palomar Holdings, Inc. $PLMR

Handelsbanken Fonder AB reduced its stake in Palomar Holdings, Inc. (NASDAQ:PLMR) by 16.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 193,389 shares of the company’s stock after selling 37,593 shares during the quarter. Handelsbanken Fonder AB owned about 0.72% of Palomar worth $29,830,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its holdings in Palomar by 1,970.0% in the second quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $32,000 after acquiring an additional 197 shares in the last quarter. Maseco LLP purchased a new position in shares of Palomar in the 2nd quarter worth about $45,000. IFP Advisors Inc raised its position in shares of Palomar by 556.9% in the 2nd quarter. IFP Advisors Inc now owns 335 shares of the company’s stock worth $52,000 after purchasing an additional 284 shares during the last quarter. TCTC Holdings LLC boosted its stake in Palomar by 116.5% in the 1st quarter. TCTC Holdings LLC now owns 381 shares of the company’s stock worth $52,000 after purchasing an additional 205 shares in the last quarter. Finally, NewEdge Advisors LLC purchased a new stake in Palomar during the 1st quarter valued at about $66,000. Institutional investors own 90.25% of the company’s stock.

Palomar Stock Up 0.9%

PLMR opened at $122.81 on Friday. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of 21.58 and a beta of 0.25. The firm has a 50 day moving average price of $118.11 and a 200-day moving average price of $134.17. Palomar Holdings, Inc. has a twelve month low of $98.42 and a twelve month high of $175.85.

Palomar (NASDAQ:PLMR) last posted its earnings results on Friday, December 16th. The company reported $0.07 EPS for the quarter. The business had revenue of $65.74 million during the quarter. Palomar had a net margin of 22.71% and a return on equity of 20.35%. As a group, analysts expect that Palomar Holdings, Inc. will post 5.99 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on PLMR shares. Piper Sandler reduced their price objective on shares of Palomar from $177.00 to $151.00 and set an “overweight” rating for the company in a research note on Wednesday, August 6th. Keefe, Bruyette & Woods raised their price target on shares of Palomar from $164.00 to $170.00 and gave the company an “outperform” rating in a research report on Tuesday, November 11th. Weiss Ratings restated a “hold (c+)” rating on shares of Palomar in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price objective on Palomar from $137.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Finally, Wall Street Zen upgraded Palomar from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $157.67.

Insider Transactions at Palomar

In other Palomar news, CFO T Christopher Uchida sold 782 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $128.84, for a total transaction of $100,752.88. Following the completion of the sale, the chief financial officer directly owned 7,916 shares in the company, valued at $1,019,897.44. The trade was a 8.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mac Armstrong sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 21st. The shares were sold at an average price of $115.31, for a total transaction of $576,550.00. Following the sale, the chief executive officer directly owned 367,388 shares of the company’s stock, valued at $42,363,510.28. The trade was a 1.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 14,803 shares of company stock worth $1,734,471. 3.70% of the stock is currently owned by insiders.

Palomar Profile

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.